In November 2018 the Getty family and Koch Equity Development (KED) invested $500M in Getty Images – today they just added an additional $100M. …’The equity investment will facilitate accelerated growth and reduce leverage’.
They say: ‘The investment will be split evenly between the Getty family investment vehicles and KED and is intended to further accelerate the achievement of Getty Images’ financial goals and boost growth.’
“Our investment builds on the commitment the Getty family made to the company’s future when we resumed control of the business,” said Mark Getty, co-founder and Chairman, Getty Images. “I am confident that this transaction will further reinforce Getty Images’ market leadership, ensuring that we continue to offer the innovative, highest-quality visual content for which we have always been known.”
“This incremental investment follows KED’s previously announced $500 million equity commitment and further solidifies both our partnership with the Getty family and dedication to the long-term growth of Getty Images,” said Brett Watson, Senior Managing Director and Head of Principal Investments at KED.
On the two investments since nov 2018 they say: ‘These commitments will enable the company to come out of its planned refinancing with a much-strengthened balance sheet and capacity to invest to meet its customers’ needs. The $600 million is in addition to the Getty family’s acquisition of Carlyle’s majority stake in the company in September 2018, reflecting the Getty family’s substantial belief in the company.’
• The investment will be split evenly between the Getty family investment vehicles and KED and is intended to further accelerate the achievement of Getty Images’ financial goals and boost growth.